USD/CAD Weekly Technical Report 11-15/3/2013

ecPulse
2013-03-11 07:01AM UTC

 

The bearish harmonic Bat Pattern is still affecting the pair, as we see it trading below 1.0355 levels that are considered a Potential Reversal Zone of the harmonic pattern. The possibility of negativity is valid this week; if levels 1.0445 levels were breached then the possibility of negativity remains valid, while stability below the referred to reversal zone increases this possibility.

 

The trading range for this week is between the key support at 1.0120 and the key resistance at 1.0445.

 

The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.

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